We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Access Plus | LSE:APU | London | Ordinary Share | GB0000367820 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00 | - |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:7937P Access Plus PLC 16 September 2003 ACCESS PLUS PLC Interim Results for the six months to 30 June 2003 16 September, 2003 Access Plus, the Bristol based provider of print related marketing services, announces its interim results for the six months to 30 June 2003. This is the seventh set of interim results since Access Plus was admitted to the Alternative Investment Market in November 1996. * TURNOVER up by 8% * GROSS PROFIT up by 10% * PROFIT BEFORE TAX* up by 5% * INTERIM DIVIDEND increased by 4% * EARNINGS PER SHARE* up by 8% * before goodwill amortisation * Commenting on the results, Tim Brettell, Chairman said, "Our trading results demonstrate a significant improvement in performance over the last six months. All three major service areas are on an upward trend." * "Print Management, our major business area, has remained a rock during the recent economic storms and it continues to perform well. New contract wins should ensure further growth for this area in the periods ahead." * "Both the quality of our offering and the loyalty of our clients remain strong as seven of out top ten customers increased their spend with Access during the period." * "Net debt has virtually been eliminated during the six months. At the half year the group's balance sheet was materially ungeared and highly robust." * "During February, close to the nadir of the market, the company took the opportunity to buy back a large tranche of its own shares at well below the current share price." * "Discussions on a potential offer for all the shares in the company remain current but the outcome of these talks continues to be uncertain." Chairman's Statement FINANCIAL RESULTS I am pleased to announce the interim results for the six months ended 30 June 2003. As anticipated, these results provide the first signs of a return to growth following the new contract wins of last year. The Group reports an 8% increase in turnover to #15.757m (June 2002 - #14.632m) and a 10% improvement in gross profit to #4.839m (June 2002 - #4.415m). Group profit before tax, before charging goodwill of #221,000, was 5% higher at #2.311m (June 2002 - #2.203m). On the same basis, earnings per share also increased by 8% to 8.85p per share (June 2002 - 8.21p). Basic earnings per share returned to growth increasing 9% from 7.02p at June 2002 to 7.64p at June 2003. The Group's cash generation continues to be strong. Net cash inflows from operating activities were #3.542m for the first six months of 2003, (June 2002 - #2.285m), and cash balances increased by #1.739m in the same period (June 2002 - #2.743m decrease). Net debt reduced from #983,000 in December 2002 to #153,000 in June 2003 indicating the strengthening balance sheet. During the six months to 30 June 2003, the Company continued to buy back its own shares. On 26 February 2003, it acquired 462,000 shares at 116p each for a total cost of #541,000, and financed the purchase by drawing down the same amount from a #2.5m bank facility set up for this purpose. The Directors have declared an interim dividend of 3.00p per share to be paid on 6 October 2003 to all shareholders on the register at 26 September 2003. The shares are expected to go ex-dividend on 24 September 2003. This represents a 4.3% increase over the interim dividend declared in September last year. MARKETS Print Management continues to be the most dynamic market in which your Group is operating. The overall market continues to expand and the present activity level experienced by the Group is high, with large organisations increasingly looking to reduce operating costs by utilising an outsource service for the first time. In addition, it is very encouraging to see volumes in Direct Mail (DM) are once again showing modest increases in the first six months of the year. This change has come about due to significant improvement in mailings for the Financial sector which represents 24% of total volumes. The overall view of your management is that the DM market is now beginning to improve after the sharp reduction in volumes and unit costs that began in Spring 2001. OVERVIEW OF SERVICES Within these two markets, the Group categorises the project management services which it provides under the following three headings: June 2003 June 2002 * Print Management (PM) 66% of sales (67%) * Direct Mail (DM) 19% of sales (18%) * Special & Security Services (SS) 15% of sales (15%) We continue to work closely with our top clients, strengthening the relationship, and expanding the service offering. This strategy has again been fruitful. Seven out of our top ten customers have increased their spending during the period, and these top ten clients now generate 34.5% of our business (June 2002 - 33%). The increased focus on PM has continued and during the period the sales teams have won a number of new contracts. Within the DM market, we have had success in selling additional services to our customers in the financial and travel sectors. The new contracts being developed in the second half of last year have now begun to have a favourable impact on revenues. More recent ones are still being developed and are not likely to reach their full potential until later this year. There continues to be a good number of new deals in the pipeline to fuel future growth. When compared with the same period last year, the Group has shown improved results in most months. Looking in more detail at each service area: Print Management (PM) PM showed revenue growth of 6% to #10.438m (June 2002 - #9.816m), and this rate of expansion should continue as the new contracts begin to build stronger revenues. Direct Mail (DM) DM sales were up by 14% to #2.970m (June 2002 - #2.608m). This is a positive indication of improving conditions in the DM and marketing sectors. This revenue increase of #362,000 was generated principally by successfully extending our service offering with two existing clients, one in the holiday sector and the other in the financial sector. The Group has continued to focus on those niche areas with repeat revenues. Special & Security Services (SS) SS sales improved by 6% to #2.349m (June 2002 - #2.208m). This reflects the general increase in new sales activity, and is encouraging as this work often is the feeder for full scale PM contracts or new DM work. STAFF Your Group's number one asset is its dedicated and loyal staff. As the Group sought to counter the effects of previous years' downturns in the UK market, their perseverance and determination continue to be impressive. I would like to thank them, on behalf of the Directors and the Company's shareholders, for their energy, enthusiasm and hard work and to extend a warm welcome to all new members of staff who have joined us in this period. Access Plus will continue its successful policy of recruiting only the finest talent for sales personnel, capable of maintaining a high level of individual productivity, whilst ensuring quality service to the customer. FUTURE In April, the Company announced that it had received an approach, which could result in an offer being made for its entire issued share capital. On 19 August, the Company confirmed that discussions were still in progress. At this time, it is still not possible to predict the exact outcome of these negotiations. In the meantime, the management and staff remain highly focussed on driving the business forward and with the current high level of sales activity, your Directors are confident of a positive outcome for the full year. T G Brettell Chairman & Chief Executive 16 September 2003 GROUP PROFIT AND LOSS ACCOUNT Six months Six months Year ended ended ended 30 June 30 June 31 December 2003 2002 2002 (unaudited) (unaudited) (audited) Notes #000 #000 #000 Turnover 2 15,757 14,632 30,453 Cost of sales (10,918) (10,217) (21,868) Gross profit 4,839 4,415 8,585 Administrative expenses (2,745) (2,428) (5,103) Bad debt - - (491) Operating profit 2,094 1,987 2,991 Bank interest receivable 11 45 53 Interest payable (15) (53) (66) Profit on ordinary activities before taxation 2,090 1,979 2,978 Taxation on profit on ordinary activities 3 (701) (662) (1,027) Profit on ordinary activities after taxation 1,389 1,317 1,951 Dividends 4 (515) (539) (1,610) Retained profit for the period 874 778 341 Earnings per ordinary share Basic earnings per ordinary share 5 7.64p 7.02p 10.41p Diluted earnings per ordinary share 5 7.62p 6.94p 10.35p Earnings per ordinary share before goodwill amortisation Earnings per ordinary share 5 8.85p 8.21p 14.60p Diluted earnings per ordinary share 5 8.83p 8.12p 14.51p Goodwill amortisation #0.221m #0.224m #0.441m GROUP STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES for the six months ended 30 June 2003 There are no recognised gains or losses other than the profit of #1.389m for the six months ended 30 June 2003, #1.317m for the six months ended 30 June 2002, and #1.951m for the year ended 31 December 2002. GROUP BALANCE SHEET At 30 At 30 At 31 December June June 2003 2002 2002 (unaudited) (unaudited) (audited) Notes #000 #000 #000 Fixed assets Intangible assets 6 7,689 8,278 7,920 Tangible assets 1,759 1,556 1,732 9,448 9,834 9,652 Current assets Stocks 1,222 1,195 1,340 Debtors 5,648 7,050 7,460 Cash 7 1,459 905 339 8,329 9,150 9,139 Creditors: amounts falling due within one year (6,247) (7,106) (7,643) Net current assets 2,082 2,044 1,496 Total assets less current liabilities 11,530 11,878 11,148 Creditors: amounts falling due after more than one year (23) (27) (25) Provision for liabilities and charges Deferred taxation (53) (38) (57) Net assets 11,454 11,813 11,066 Capital and reserves Called up share capital 1,805 1,873 1,851 Share premium account 9,705 9,705 9,705 Capital redemption reserve 1,176 1,108 1,130 Profit and loss account (1,232) (873) (1,620) Equity shareholders' funds 11,454 11,813 11,066 COMPANY BALANCE SHEET At 30 At 30 At 31 December June June 2003 2002 2002 (unaudited) (unaudited) (audited) Notes #000 #000 #000 Fixed assets Investments 15,914 16,044 15,914 Current assets Debtors 3,813 3,815 3,813 Cash 7 527 356 159 4,340 4,171 3,972 Creditors: amounts falling due within one year (6,581) (6,554) (6,240) Net current assets (2,241) (2,383) (2,268) Total assets less current liabilities 13,673 13,661 13,646 Net assets 13,673 13,661 13,646 Capital and reserves Called up share capital 1,805 1,873 1,851 Share premium account 9,705 9,705 9,705 Capital redemption reserve 1,176 1,108 1,130 Merger reserve 915 915 915 Profit and loss account 72 60 45 Equity shareholders' funds 13,673 13,661 13,646 GROUP STATEMENT OF CASH FLOWS Six months Six months Year ended ended ended 30 June 30 June 31 December 2003 2002 2002 (unaudited) (unaudited) (audited) Notes #000 #000 #000 Net cash inflow from operating activities 8(a) 3,542 2,285 3,794 Returns on investments and servicing of finance Interest paid (15) (53) (66) Interest received 11 45 53 (4) (8) (13) Taxation (363) (519) (1,339) Capital expenditure and financial investment Purchase of tangible fixed assets (187) (79) (362) Disposal of tangible fixed assets 58 121 127 Deferred consideration paid (167) - - (296) 42 (235) Equity dividends paid (1,047) (1,091) (1,627) Financing Redemption of share capital inclusive of costs (542) (194) (503) Drawdown of bank loan 541 - - Repayments of bank loan - (1,500) (1,500) Repayments of Loan Notes (92) (1,758) (1,952) (93) (3,452) (3,955) Movement in cash in the period 1,739 (2,743) (3,375) Reconciliation of net cash flow to movement in net debt Movement in cash 1,739 (2,743) (3,375) Drawdown of bank loan (541) - - Repayments of bank loan - 1,500 1,500 Repayments of Loan Notes 92 1,758 1,952 Change in net debt resulting from cash flows 1,290 515 77 Non cash flows in net debt (460) - - Movement in net debt 830 515 77 Net debt at 1 January (983) (1,060) (1,060) Net debt at period end 8(b) (153) (545) (983) NOTES 1. ACCOUNTING POLICIES The financial information contained in this interim report does not constitute statutory accounts. The interim results which have not been audited, have been prepared using accounting policies and practices consistent with those used in the preparation of the Annual Report and Accounts for the year ended 31 December 2002. 2. TURNOVER Turnover represents amounts derived from the provision of goods and services during the period stated net of value added tax. The turnover and pre-tax profit is attributable to one continuing activity, the provision of print related marketing services within the United Kingdom. 3. TAXATION a) The tax charge is made up as follows: Six months Six months Year ended ended ended 30 June 30 June 31 December 2003 2002 2002 #000 #000 #000 Current tax UK Corporation tax 701 666 1,011 Tax under/(over)provided in previous years 4 (4) (4) 705 662 1,007 Deferred tax (4) - 20 701 662 1,027 b) Factors affecting the current tax charge The tax assessed on the profit on ordinary activities for the six months ended 30 June 2003 is higher than the standard rate of corporation tax in the UK of 30%. The differences are reconciled as below: 2003 2002 2002 #000 #000 #000 Profit on ordinary activities before taxation 2,090 1,979 2,978 Profit on ordinary activities at the standard UK corporation 627 594 893 tax rate of 30% (2002 - 30%) Goodwill amortisation 66 67 132 Expenses not deductible 8 4 18 Accelerated capital allowances - - (15) Other timing differences - 1 (5) Marginal tax reliefs - - (12) Tax under/(over)provided in previous years 4 (4) (4) Total current tax 705 662 1,007 4. DIVIDEND 2003 2002 2002 #000 #000 #000 Overprovision in prior year (26) - - Interim dividend declared/paid 541 539 536 Final dividend - - 1,074 515 539 1,610 The Directors have declared an interim dividend of 3.00p per share (September 2002 - 2.875p per share), payable on 6 October 2003, to shareholders on the register on 26 September 2003. The final dividend for the year ended 31 December 2002 was 5.80p per share. 5. EARNINGS PER SHARE Basic earnings per share has been calculated by dividing the profit on ordinary activities after taxation in this period of #1.389m (six months ended 30 June 2002 - #1.317m; year ended 31 December 2002 - #1.951m) by the weighted average number of ordinary shares in issue in this period of 18,189,632 (six months ended 30 June 2002 - 18,786,424; year ended 31 December 2002 - 18,732,280). At 30 June 2003, the issued share capital of the Company was 18,046,693 10p ordinary shares. Diluted earnings per share has been based on profit for the period of #1.389m (six months ended 30 June 2002 - #1.317m; year ended 31 December 2002 - #1.951m). The weighted average number of dilutive shares has been calculated as follows: At 30 At 30 At 31 December June June 2002 2003 2002 Basic weighted average number of shares 18,189,632 18,786,424 18,732,280 Dilutive potential ordinary shares from share options 42,381 199,183 120,610 18,232,013 18,985,607 18,852,890 Profit on ordinary activities after taxation of #1.389m (six months ended 30 June 2002 - #1.317m; year ended 31 December 2002 - #1.951m) is after deducting #0.221m (six months ended 30 June 2002 - #0.224m; year ended 31 December 2002 - #0.441m) in respect of goodwill arising on acquisition. Restated earnings per share has been calculated by dividing the adjusted profit of #1.610m by the same weighted average numbers of ordinary shares in issue at 30 June 2003. There are no changes to the basis for calculating the comparative or diluted earnings per share. 6. INTANGIBLE FIXED ASSETS At 30 At 30 At 31 December June June 2003 2002 2002 Cost: #000 #000 #000 At 1 January 9,785 9,915 9,915 Adjustment to deferred consideration - - (130) At period end 9,785 9,915 9,785 Amortisation: At 1 January 1,865 1,403 1,403 Provided in relation to Software Stationery 221 224 441 Provided in the period 10 10 21 At period end 2,096 1,637 1,865 Net book value at 1 January 7,920 8,512 8,512 Net book value at period end 7,689 8,278 7,920 Goodwill arising on the Software Stationery acquisition is being amortised evenly over the directors' estimate of its useful economic life of 20 years. Goodwill acquired as part of the acquisition is being amortised over the directors' estimate of its useful economic life of between 4 and 20 years. 7. CASH Cash balances include #0.527m held as collateral for the guarantee of the Company's Loan Notes. 8. CASH FLOW STATEMENT a) Reconciliation of operating profit to net cash inflow from operating activities Six months Six months Year ended ended ended 30 June 30 June 31 December 2003 2002 2002 #000 #000 #000 Operating profit 2,094 1,987 2,991 Depreciation 106 109 208 Profit on disposal of tangible fixed assets (4) (4) (2) Amortisation of intangible fixed assets 10 10 21 Amortisation of goodwill 221 224 441 Release of government grants (2) (2) (5) Decrease/(increase) in stocks 118 (103) (248) Decrease/(increase) in debtors 1,812 140 (269) (Decrease)/increase in creditors (813) (76) 657 Net cash inflow from operating activities 3,542 2,285 3,794 b) Analysis of net debt 30 June Non cash Cash 31 December 2003 flows flows 2002 #000 #000 #000 #000 Cash at bank 1,459 - 1,120 339 Bank overdrafts (545) - 619 (1,164) Bank loan (541) - (541) - Guaranteed Loan Notes (526) (460) 92 (158) Total (153) (460) 1,290 (983) 9. APPROVAL This report was approved by the Board of Directors on 16 September 2003. 10. DISTRIBUTION This statement is being sent to all shareholders. In addition, copies are available from the Company Secretary at the Registered Office. 11. PUBLICATION OF NON-STATUTORY ACCOUNTS The financial information contained in this interim statement does not constitute statutory accounts as defined in section 240 of the Companies Act 1985. The financial information for the full preceding year is based on the statutory accounts for the financial year ended 31 December 2002. Those accounts, upon which the auditors issued an unqualified opinion, have been delivered to the Registrar of Companies. The financial information contained in this interim statement has been independently reviewed by Ernst & Young LLP, in accordance with current professional guidance and practice. Their full report will appear in the statement being sent to all shareholders. Independent Review Report to Access Plus PLC Introduction We have been instructed by the Company to review the financial information for the six months ended 30 June 2003 which comprises the Group Profit and Loss Account, Group Statement of Total Recognised Gains and Losses, Group Balance Sheet, and Group Statement of Cash Flows, and the related notes 1 to 11. We have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. This report is made solely to the Company having regard to the guidance contained in Bulletin 1999/4 'Review of Interim Financial Information' issued by the Auditing Practices Board. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company, for our work, for this report, or for the conclusions we have formed. Directors' responsibilities The interim report, including the financial information contained therein, is the responsibility of, and has been approved by the directors. The directors are responsible for preparing the interim report as required by the AIM Rules issued by the London Stock Exchange. Review work performed We conducted our review having regard to the guidance contained in Bulletin 1999 /4 'Review of interim financial information' issued by the Auditing Practices Board for use in the United Kingdom. A review consists principally of making enquiries of group management and applying analytical procedures to the financial information and underlying financial data, and based thereon, assessing whether the accounting policies and presentation have been consistently applied, unless otherwise disclosed. A review excludes audit procedures such as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance with United Kingdom Auditing Standards and therefore provides a lower level of assurance than an audit. Accordingly we do not express an audit opinion on the financial information. Review conclusion On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the six months ended 30 June 2003. Ernst & Young LLP Bristol 16 September 2003 This information is provided by RNS The company news service from the London Stock Exchange END IR LAMLTMMBBBRJ
1 Year Access Plus Chart |
1 Month Access Plus Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions